The demand for micro buffets is also anticipated to drive expansion in the market for caterers and food service providers worldwide. Mini meals are delivered at requested places and are packaged in disposable trays for convenience. These meals are vastly preferable for smaller gatherings or situations with limited space. Mini buffets are also becoming more popular than their traditional counterparts due to their simple setup. The expansion of the catering and food service contract market is fueled by a rise in business-related travel as well as a rise in the number of eating establishments like hotels and restaurants. Cross-border investments, experiments & innovations in various cuisines, and growth in the travel & tourism industry are anticipated to provide lucrative opportunities for the market expansion. The National Restaurant Association's Restaurant Performance Index predicts that the U.S. restaurant industry will reach $863 billion in 2019 with over 1 million restaurants operating in the country. The market is also being driven by changes in the socioeconomic environment and improving consumer living standards, particularly in developing nations.
According to Coherent Market Insights, The market size for Catering And Food Service Contractors was estimated to be USD 300.2 billion in 2022, and it is expected to increase at a CAGR of 7.2% from 2023 to 2033.
Market Players in the Catering and Food Service Contractor Industry:
1. Compass Group Plc.,
The company was started in 1941 and is based in Chertsey, United Kingdom. Compass Group PLC offers support and catering services. Offices, factories, hospitals, care facilities, schools, colleges, sports stadiums, military installations, offshore platforms, and other remote sites are all served by the company. Feedr was purchased by Compass Group for $24 million in 2020.
2. Sodexo,
The firm was started in 1966 and is based in France. The business provides personal home services, facility management, employee perks, and catering. Globally, Sodexo provides services to the corporate, healthcare, defense, business, government, and educational areas. Sodexo is the industry pioneer in providing services that enhance quality of life, which is crucial for both individual and organizational performance.
3. Aramark Corporation
The company was founded in 1959 and is based in Pennsylvania, United States. Aramark is an American company that offers clients in the business, healthcare, education, jail, and leisure sectors food service, facilities, and uniform services. Aramark opened the first Quick Eats location in Scotland powered by artificial intelligence (AI) in May 2023.
4. Elior Group
The company was founded in 1991 and is based in Paris, France. The Elior Group offers support services, concession catering, and contract catering. The business provides a wide variety of cleaning and hygiene services.The Elior Group is a provider of concession catering, support services, and contract catering for the travel industry.
5. Delaware North
The firm was started in 1915 and is based in New York, United States. The business also engages in the hospitality, sporting, aviation, gaming, and entertainment sectors. Global leaders in the hotel and entertainment sectors include Delaware North.
6. Ovations Food Services
The company was started in 2000 and is based in Pennsylvania, United States. The company that offers food services and hospitality solutions is Ovations Food Services, L.P., doing business as Spectra Food Services & Hospitality. Programs offered by the company cover daily administration of hiring, training, purchasing, marketing, and customer support.
7. Thompson Hospitality
The company was started in 1992 and is based in Virginia. One of the biggest Retail Food and Facilities Management firms in the nation, Thompson Hospitality is the largest minority-owned Food Service firm. The business sells artisan chocolates, crackers, savory snacks, yogurts, beers, and wines in addition to flowers and greeting cards, appetizers, grilled foods, sides, sandwiches, and hamburgers.
*Definition: In particular for long-distance network operators, catering is a crucial component of the business. Two crucial stages in catering services are meal planning and meal design.
